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The document is Form 1042-S, which is used to report U.S. source income paid to foreign persons that is subject to withholding. It includes various sections for reporting income types, exemption codes, tax rates, and withholding details. The form outlines the filing requirements for nonresident aliens and foreign corporations regarding U.S. income tax obligations, including when a return is not required if taxes are fully withheld at the source.

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Who must file the IRS Form 1042?

Every withholding agent or intermediary who receives, controls, has custody of, disposes of, or pays a withholdable payment (to which chapter 4 withholding applies) or an amount subject to withholding, must file an annual return for the preceding calendar year on Form 1042 unless an exception to filing applies.

What is the IRS rule 1042?

Section 1042(a) provides that a taxpayer or executor may elect in certain cases not to recognize long-term capital gain on the sale of qualified securities to an employee stock ownership plan (as defined in section 4975(e)(7)) or eligible worker- Page 2 -2- owned cooperative if the taxpayer purchases qualified

What is the IRS Form 1042 used for?

Use Form 1042 to report the following: The tax withheld under chapter 3 on certain income of foreign persons, including nonresident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts. The tax withheld under chapter 4 on withholdable payments.

What payments require Form 1042?

Nonresident Alien (NRA) Wages: Wages or compensation paid to non-U.S. persons in the U.S. are typically reported on Form 1042-S. This covers salaries, bonuses, and other compensation for foreign individuals not U.S. citizens or residents for tax purposes.

How to get a 1042 form?

Download your 1099 or 1042S tax form in your Social Security account. If you live outside the United States and cant access your form online, contact a Federal Benefits Unit for help.

Do I need to report 1042-S on my tax return?

If you are a non-resident alien and received a Form 1042-S, you generally need to report the income on your U.S. tax return. However, if the income is exempt from U.S. tax under a tax treaty, you may not need to report it.

Who completes Form 1042?

Every withholding agent must file an information return, Form 1042-S, Foreign Persons U.S. Source Income Subject to Withholding, to report amounts paid to foreign persons that are described under Amounts Subject to NRA Withholding and Reporting, even if withholding is not required on the payments.

What triggers a 1042 filing?

Form 1042 is used for reporting withholding agents who have custody of, disposes of, or makes a payment subject to withholding for the preceding calendar year.

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